Drug-maker, PT Kalbe Farma Tbk. (IDX: KLBF) has sold 70 percent shares of PT Kalbe Morinaga Indonesia to PT Sanghiang Perkasa for Rp265.1 billion (US$17.91 million) - Photo by the Company

JAKARTA (TheInsiderStories) – Drug-maker, PT Kalbe Farma Tbk (IDX: KLBF) has sold 70 percent shares of PT Kalbe Morinaga Indonesia to PT Sanghiang Perkasa for Rp265.1 billion (US$17.91 million), said company today. Both companies are subsidiaries of the issuer, directly and indirectly.

“This transaction is the company’ step in grouping the our business units into similar divisions,” said President Director of Kalbe Farma Vidjongtius, in his official statement on Friday (10/02).

Earlier, Kalbe Farma was reported list the KALBE Nutritionals producer shares through an initial public offering scheme at the end of last August. The company aims to raises fresh funds of US$500 million from the corporate action at that time.

Beside listing, said the finance director, Bernadus Karmin Winata, in a virtual public presentation, Sanghiang Perkasa also open for a strategic partners, merger and acquisitions, or looking loan facility from banks.

On Oct. 1, Kalbe Farma officially announced a collaboration in marketing and distribution of the antiviral drug Covifor or Remdesivir with the Indian company Hetero, PT Amarox Pharma Global in an effort to treat critical stage COVID-19 patients in Indonesia.

For this year, the manufacturer prepared an investment of Rp1 trillion to produces COVID-19 vaccines around 50 million doses. Beside with Hetero, the issuer collaborated with Genexine Inc., a biologic drug producer from South Korea, and has form PT Kalbe Genexine Biologic (KGBio) to develop and making raw materials for biotechnology drugs in Indonesia.

The company also set up a consortium with other South Korea institutions like Binex, International Vaccine Institute, Genbio, the Korea Advanced Institute of Science & Technology, and Pohang University of Science & Technology. The vaccine candidate being developed was named GX-19.

Vidjongtius revealed KGBio will conduct phase 2 clinical trials for the vaccine in the fourth quarter of this year after being declared successful in the phase 1 clinical trial in South Korea. He emphasized that the vaccine production will be ready to circulate commercially as early as mid-2021.

The 2020′ investments is used to complete two factories in Cikarang, West Java, used for over-the-counter drugs. During the six-month of this year, Kalbe Farma reported a net sales grow 3.8 percent compared to 2019 to Rp11.60 trillion. While, the net profit increased by 10.3 percent to Rp1.38 trillion as of June 30, 2020.

US$1: Rp14,800

Written by Editorial Staff, Email: theinsiderstories@gmail.com